# In the matter of KSK Mahanadi Power Company IA No. 546-2018 in CP(IB) No. 600-7-HDB-2018

> NCLT judgment dated 2019-05-17. Citation: TCN-2019-NCLT-03265. The case involves a company petition/application with IA NO. 546/2018 in CP(IB) NO.…

- **Court:** NCLT
- **Order date:** 17 May 2019
- **Citation:** TCN-2019-NCLT-03265
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ksk-mahanadi-power-company-ia-no-546-2018-in-cpib-no-600-7-hdb-2018-705d6992

## Summary

### Background

The case involves a company petition/application with IA NO. 546/2018 in CP(IB) NO. 600/7/HDB/2018. The Financial Creditor filed a withdrawal affidavit referring to a Supreme Court decision in the matter of Dharani Sugars and Chemicals Ltd Vs. Union of India.

## Facts

The Financial Creditor filed a withdrawal affidavit referring to the decision passed by the Hon'ble Supreme Court in the matter of Dharani Sugars and Chemicals Ltd Vs. Union of India in (T.C. (civil) 66 of 2018) dated 02.04.2019. The Financial Creditor prayed to withdraw the CP with a liberty to file a fresh Application against the present Corporate Debtor. A copy of the same was furnished to the other side. The court heard both sides and considered the submissions made in the withdrawal affidavit.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be allowed to withdraw the CP(IB)No.600/7/HDB/2018 with the …

**Ratio:** The court has the discretion to allow the withdrawal of a company petition based on the

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**Reasoning:** The court considered the submissions made in the withdrawal affidavit by the Financial

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**Interpretation:** The interpretation of the law allows for the withdrawal of a company petition

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** K. Anantha…
- **Respondents:** KSK Mahanadi…

## Timeline

- **2019-05-17 — Hearing…**: Attendance-cum-order sheet of the…
- **2019-04-02 — Supreme Court…**: Decision passed by Hon'ble Supreme Court in the matter of Dharani Sugars and Chemicals…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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